Plastics Capital (AIM: PLA) – results broadly in line but loads of adjustments!
The niche plastics products manufacturer, announced interim results broadly in line with management expectations, although it was evidently a bit of a struggle with plenty of currency headwinds. Thankfully the outlook statement appears to be more positive.
Revenue for the 6 months ending 30 September 2015 was up 48% to £24.5m, driven by the acquisition of Flexipol. While underlying pre-tax profit was down only 1.4% at £1.5m and earnings per share down 13.6% at 4.0p (although up 7% at constant currency and polymer prices), the reported figures were a pre-tax profit of only £761k. We aren’t clear how one can factor in an adjustment for polymer prices! Following the acquisition of Flexipol, the Group is now reclassified into two operating Divisions: 1. Films; including Palagan and Flexipol 2. Industrial; including BNL, Bell and C&T Matrix. …